Ind-AS Enforcement in India: An Assessment of Readiness, Benefits and Key Challenges

Current Accounting ◽

Readiness Level ◽

Research Findings ◽

Regulatory Bodies

This study endeavours to recognize the preparedness, advantages and pitfalls associated with International Financial Reporting Standards (IFRS) enforcement in India. The data have been complied using purposive sampling technique from 75 accounting individuals from diverse corporate sectors of India, and the research findings of the article convey that the whole accounting community is extremely positive about the advantages related to IFRS enforcement, but they too considered challenges a major roadblock towards smooth implementation. There are few studies available reporting the readiness towards this high-quality international accounting standards in India, which intrigued the authors to evaluate the readiness level in the country regarding IFRS-based Ind-AS. The current accounting system in India calls for extensive training in terms of IFRS technicalities, seminars and workshops on a large scale should be embarked upon by all educational institutions, accounting regulatory bodies, accounting professional organizations such as ICAI, KPMG and other accounting experts to impart and share knowledge about IFRS for a smooth enforcement of IFRS.

The Benefits and Challenges of IFRS Adoption in India: The Dawn of a New Era

International Journal of Accounting and Financial Reporting ◽

10.5296/ijafr.v9i4.16012 ◽

2019 ◽

Vol 9 (4) ◽

pp. 334

Author(s):

Anubha Srivastava ◽

Preeti Kulshrestha

Keyword(s):

Financial Reporting ◽

Sampling Technique ◽

Smooth Transition ◽

Professional Organizations ◽

New Era ◽

Secondary Sources ◽

Ifrs Adoption ◽

Study Results ◽

Massive Scale

We endeavor to examine the benefits and the key challenges associated to International financial reporting standards enforcement in India in the current paper. The research is founded on structured questionnaire survey of 150 accounting professionals and applied purposive sampling technique to assemble the data from target respondents from various business sectors of India. The data from secondary sources,conducted through personalized interview, has been examined qualitatively with respect to IFRS convergence.The research outcome contributes to the existing literature stating that the respondents are optimistic about the benefits related to IFRS adoption but the challenges are too a major roadblock. Since the enforcement of IFRS has already initiated in India thus it is imperative to comprehend the benefits and cost associated with IFRS in Indian context. This study results recognizes that though convergence process with IFRS will pose few key challenges but the overall benefit will overweigh the challenges. This study recommends that IFRS training seminars and workshops at massive scale should be embarked upon by regulatory bodies, professional organizations like ICAI, KPMGs and other training institutions to provide for a smooth transition from local standards to IFRS.

Pengaruh Konvergensi International Financial Reporting Standards (Ifrs) Terhadap Penghindaran Pajak(Tax Avoidance)

Kajian Bisnis STIE Widya Wiwaha ◽

10.32477/jkb.v26i2.276 ◽

2018 ◽

Vol 26 (2) ◽

pp. 158-169

Author(s):

Umi Wahidah ◽

Sri Ayem

Keyword(s):

Financial Reporting ◽

Tax Evasion ◽

Stock Exchange ◽

Control Variable ◽

Tax Avoidance ◽

Sampling Technique ◽

Reporting Standards ◽

Control Variables ◽

Financial Reporting Standards

This research aimed to examine the effect of the convergence of International Financial Reporting Standards (IFRS) on tax avoidance on companies listed in Indonesia Stock Exchange. Tax avoidance that used in this research was Cash Efective Tax Rate (CETR). This research is also use the control variable to get other different influence that different such as CSR, size, and earning management (EM. This research used populations sector of transport service companies that listed in Indonesia Stock Exchange. The data of this research taken from secondary data that was from the Indonesia Stock Exchange in the form of Indonesian Capital Market Directory (ICMD) and the annual report of the company 2011-2015. The method of collecting sample was purposive sampling technique, the population that to be sampling in this research was populations that has the criteria of a particular sample. Companies that has the criteria of the research sample as many as 78 companies. The method of analysis used in this research is multiple regression analysis. Based on regression testing shows that the convergence of International Financial Reporting Standards (IFRS) has a positiveand significant impact on tax evasion. This shows that IFRS convergence actually improves tax evasion practices. The control variables of firm size and earnings management also significantly influence the application of IFRS in improving tax avoidance practices, while CSR control variables have no role in convergence IFRS in improving tax evasion practice.

International Financial Reporting Standards Implementation into the Russian Accounting System

Mediterranean Journal of Social Sciences ◽

10.5901/mjss.2014.v5n24p33 ◽

2014 ◽

Author(s):

P.A. Aletkin

Keyword(s):

Financial Reporting ◽

Accounting System ◽

Reporting Standards ◽

Standards Implementation ◽

Financial Reporting Standards

Adoption of IFRS in Japan: challenges and consequences

Pacific Accounting Review ◽

10.1108/par-11-2012-0056 ◽

2015 ◽

Vol 27 (1) ◽

pp. 3-27 ◽

Cited By ~ 15

Author(s):

Noriyuki Tsunogaya ◽

Andreas Hellmann ◽

Simone Domenico Scagnelli

Keyword(s):

Financial Reporting ◽

Design Methodology ◽

Accounting Standards ◽

Accounting System ◽

International Accounting Standards ◽

Content Type ◽

Institutional Complementarity ◽

Accounting Environment ◽

Social Organizational

Purpose – The purpose of this study is to provide a rigorous and holistic analysis of the main features of the Japanese accounting environment. It also raises issues related to the adoption of International Financial Reporting Standards (IFRS) in Japan. Design/methodology/approach – For the purpose of investigating the Japanese accounting system, this study applies the accounting ecology framework developed by Gernon and Wallace (1995) and provides a content analysis of relevant meetings of the Business Accounting Council of Japan. Findings – The findings of this study provide evidence that it would be problematic to require the adoption of IFRS for all listed companies in Japan. The main reason for this is that the Japanese policymakers and standard-setting bodies follow two objectives: enhancing the international comparability of financial reporting and maintaining institutional complementarity between financial reporting and other infrastructures such as accounting-related laws. Research limitations/implications – This study is relevant for accounting researchers and professionals with an interest in Japanese accounting practices. It is also useful for the International Accounting Standards Board and representatives of countries planning to adopt IFRS in the future. Originality/value – The findings of this study show that contextual issues such as social, organizational and professional environments cannot be ignored in the adoption of IFRS in Japan.

Unconditional conservatism in Brazilian public companies and tax neutrality

Revista Contabilidade & Finanças ◽

10.1590/1808-057x201702450 ◽

2017 ◽

Vol 28 (74) ◽

pp. 197-212 ◽

Cited By ~ 1

Author(s):

Juliana Pinhata Sanches do Vale ◽

Sílvio Hiroshi Nakao

Keyword(s):

Financial Reporting ◽

Institutional Environment ◽

Adoption Process ◽

Accounting System ◽

Public Companies ◽

Publicly Traded Companies ◽

Tax Neutrality ◽

Tax Legislation ◽

Reported Earnings

ABSTRACT Law n. 11,638/2007 legitimized the International Financial Reporting Standards (IFRS) adoption process in Brazil and introduced an accounting system detached from tax purposes in the country. This law aims to reduce the influence of tax law on accounting standards and improve the quality of financial reporting, as IFRS are considered to be higher quality standards. International literature shows a reduction in earnings quality in environments where accounting and tax rules are strongly linked. Moreover, the influence of tax legislation on financial accounting is seen to encourage unconditional conservatism, a bias with no advantages for financial market efficiency. Thus, tax neutrality is expected to provide a more favorable institutional environment for quality financial reporting by detaching corporate accounting from tax accounting. In light of the above, this study aims to verify whether the advent of tax neutrality influences unconditional conservatism in Brazilian public companies. The methodology used involves panel data regressions. The sample consists of non-financial publicly-traded companies with information published in Economática® covering 2002 to 2014. The results show differences in the relationship between taxation and financial reporting between firms that are subject to different levels of monitoring in the Brazilian stock market. Evidence of unconditional conservatism is only found in companies that are subject to greater market monitoring. In this group, it is observed that taxation does not induce unconditional conservatism in reported earnings, which is expected in a tax neutrality context.

Fair Value Accounting: Implementation Challenges Facing Small and Medium-Sized Entities in the Agricultural Sector

International Journal of Accounting and Financial Reporting ◽

10.5296/ijafr.v8i4.13643 ◽

2018 ◽

Vol 8 (4) ◽

pp. 60

Author(s):

Joseph Kwasi Agyemang ◽

Owusu Acheampong ◽

Wiafe Nti Akenten

Keyword(s):

Financial Reporting ◽

Agricultural Sector ◽

Fair Value ◽

International Standards ◽

Reporting Standards ◽

Fair Value Accounting ◽

Implementation Challenges ◽

Regulatory Bodies ◽

Value Reporting

Nowadays, the relevance of fair value in financial reporting is gaining impetus and recent discussions are moving in the trend of full fair value reporting. Small and medium-sized entities are not ignored in this instance. The move to new reporting standards results in various challenges for different interest groups such as auditors, preparers and regulators. The main objective of the study was to establish the fair value implementation challenges facing SMEs in the agricultural sector with evidence from regulatory bodies in Ghana. The study established that there is lack of methodological relationship between existing local laws and IFRS and absence of involvement of regulatory bodies in financial reporting standards setting. In light of these challenges, the study recommends involvement of regulatory bodies in standard setting and consideration should also be given to local laws when setting international standards.

A practical model to implementing IFRS in the national accounting system: The case of Azerbaijan

Journal of Eastern European and Central Asian Research ◽

10.15549/jeecar.v8i4.836 ◽

2021 ◽

Vol 8 (4) ◽

pp. 585-598

Author(s):

Akif Valiyev ◽

Arif Huseynov ◽

Nushaba Gadimli ◽

Ilham Huseynov ◽

Abasov Elmar

Keyword(s):

Financial Reporting ◽

Methodological Approach ◽

Accounting Standards ◽

Accounting System ◽

National Accounting ◽

Accounting Practice ◽

Consolidation Model ◽

Practical Model ◽

Questionnaire Method

The purpose of this article is to develop a methodological approach to substantiating the effective consolidation model of national accounting standards (NAS) with International Financial Reporting Standards (IFRS) for Azerbaijan. Using the questionnaire method, the advantages, and obstructions of IFRS implementation in Azerbaijan have been assessed, depending on the practicing models of consolidation of NAS and IFRS. Using fuzzy sets made it possible to determine the levels of development of advantages and obstructions associated with the introduction of IFRS into national accounting practice in Azerbaijan. We determined the most effective model of consolidation of NAS and IFRS for the enterprises of Azerbaijan. The effectiveness of implementing models for the consolidation of NAS and IFRS has been assessed to provide a balance between advantages and destructive factors in the implementation of IFRS.

HISTORICAL ASPECTS OF THE FORMATION OF NATIONAL ACCOUNTING STANDARDS IN THE REPUBLIC OF IRAQ

Учет и статистика ◽

10.54220/1994-0874.2021.62.2.007 ◽

2021 ◽

pp. 68-76

Author(s):

И.В. Алексеева ◽

Х. Алзубаиди

Keyword(s):

Financial Reporting ◽

Accounting Standards ◽

National Standards ◽

Accounting System ◽

Reporting Standards ◽

Distinctive Features ◽

Historical Aspects ◽

The Republic ◽

Further Development

В статье проведено исследование исторических аспектов развития и становления системы бухгалтерского учета Республики Ирак. Систематизированы и хронологически представлены основные события, повлиявшие на развитие Единой учетной системы бухгалтерского учета и отчетности в Республике Ирак. Изучив исторические аспекты развития иракской системы бухгалтерского учета, выделены этапы ее развития. Проведен сравнительный анализ российских, иракских стандартов и МСФО и выделены их отличительные особенности. Обосновано, что основные ориентиры для трансформации иракских национальных стандартов – это международные стандарты финансовой отчетности. Определено, что дальнейшее развитие иракских стандартов заключается в трансформации количества стандартов и их содержательной составляющей для раскрытия информации об активах, обязательствах, доходах, расходах. The article examines the historical aspects of the development and formation of the accounting system in the Republic of Iraq. The main events that influenced the development of the Unified Accounting System of Accounting and Reporting in the Republic of Iraq are systematized and chronologically presented. Having studied the historical aspects of the development of the Iraqi accounting system, the stages of its development are highlighted. A comparative analysis of Russian, Iraqi standards and IFRS is carried out and their distinctive features are highlighted. It has been substantiated that the main guidelines for the transformation of Iraqi national standards are International Financial Reporting Standards. It was determined that the further development of Iraqi standards consists in transforming the number of standards and their content, for disclosing information about assets, liabilities, income, expenses.

Financial statements of banking institutions under IFRS as the main element of accounting

Economics. Finances. Law ◽

10.37634/efp.2020.11(1).8 ◽

2020 ◽

pp. 38-40

Author(s):

Liubov SHEVCHENKO ◽

Maryna Trokhymivna SHENDRYHORENKO ◽

Vitaliia LIADSKA

Keyword(s):

Financial Reporting ◽

Financial Statements ◽

Main Element ◽

Accounting System ◽

Reporting Standards ◽

Important Indicator ◽

Banking Institutions ◽

National Bank

The paper consider the stage of preparation, functions and essence of the financial statements of banking institutions, as well as its purpose. It is established that a necessary condition for the operation of each bank is a unique accounting system. The most important indicator that reflects the activities of banking institutions and financial institutions, as well as information of internal and external users for financial decisions is the financial report. Effective bank management depends on the integrity, reliability and reliability of the information provided. The financial statements of each bank reflect the results of activities for the light period. The bank must prepare financial statements in accordance with the requirements of International Financial Reporting Standards and regulations of the National Bank of Ukraine and submit statistical reports on operations, liquidation, solvency, guidance and information. The effective functioning of the bank depends on various factors affecting its financial stability. All bank operations are exposed to risks, so customers, investors and their partners need certain guarantees of return on investment in banks. Especially important in modern conditions is the openness of all market participants, especially credit institutions. This is achieved by complete financial information about their activities. Notice of financial statements, which gives the participant a complete picture of financial stations, the results of its activities at the moment and in the future. Such information is easy to compare with the reporting data of foreign counterparties. The preparation of such reports should be regulated and enshrined in the legislation of Ukraine. However, now we have some discrepancies in the reporting of banks for IFRS in the requirements of the NBU and the requirements of the IFRS Committee. The paper examines the features of the financial statements, which are present banking institution, in accordance with International Financial Reporting Standards Reporting (IFRS) and requirements of the National Bank of Ukraine, differences between these requirements, as well as the benefits of the transition on IFRS for the banking sector and enterprises of Ukraine as a whole together with the problems of implementation in the Ukrainian banking system of International Financial Reporting Standards. The approach to the implementation of IFRS in banking institutions will ensure the creation of a new level of trust in potential partners, as well as attract foreign investment and loans, which will help solve national banking problems.

Exploring the decision to adopt International Financial Reporting Standards early: The case of International Financial Reporting Standards 13

Journal of Economic and Financial Sciences ◽

10.4102/jef.v11i1.171 ◽

2018 ◽

Vol 11 (1) ◽

Cited By ~ 1

Author(s):

Nakita Swait ◽

Adnan Patel ◽

Warren Maroun

Keyword(s):

Financial Reporting ◽

Research Approach ◽

Interpretive Research ◽

Reporting Standards ◽

Accounting Disclosure ◽

Business Operations ◽

Early Adoption ◽

Research Findings

Using an exploratory interpretive research approach and International Financial Reporting Standards (IFRS) 13 as a case study, this article investigates the factors that affect the decision to adopt a specific IFRS early. The research findings are significant as very little interpretive research has been performed on financial reporting from a South African perspective. The findings reveal that the majority of the interviewees did not elect to adopt IFRS 13 early. Technical constraints – such as the need to provide additional accounting disclosure – discouraged the early adoption of the standard. Factors such as the effect of adoption on earnings, decisions made by competitors and the relevance of the standard to business operations were also considered as part of this decision. Perhaps most significant is the logic of resistance to new standards evidenced by a general dismissal of the view that IFRS 13 provides more useful information to users of financial statements.